Monday, August 21, 2017
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Legal proceedings against ESM


Thomas Pringle, Independent Irish Member of Parliament, has initiated legal proceedings whereby he challenged the Irish Government on fundamental aspects of the European Stability Mechanism (ESM) and the Stability, Coordination and Governance in the Economic and Monetary Union Treaties.

Pringle strongly believes that the treaties “raise serious legal difficulties both at the level of EU treaty law and Irish Constitutional law.” He added that his primary democratic concern as both an elected public representative and as a citizen is the integrity of the Irish Constitution and the EU treaties.

Pringle also said that the matters on which he seeks clarification and assistance of the Court are of crucial importance not only for the citizens of Ireland but for the future of the EU. The ESM treaty would provide a new permanent €700 billion bailout fund. More alarmingly is the fact that this figure can be increased at the request of the ESM at any time, with no limit set in the treaty.

More simply, Thomas Pringle said that the new ESM Treaty can direct the State to raise sovereign debt, give the money raised to it, and can then decide, where, when, whether and how it is to be spent.

This would mean that Ireland and the other member states would have no power to control decisions on how to use funds raised by them.

The Irish MP stated that he would appreciate and will welcome the Irish Government’s decision to submit the issue of the Fiscal Treaty to the Irish people by holding a referendum.

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